St. Louis-based May said it expects the sale to close in late July or early August.

Target announced in March that it would review "strategic alternatives" for Marshall Field's and Mervyn's, its San Francisco-based mid-priced chain. Target said on Wednesday that the review of Mervyn's is continuing, and said there might be a development in two to three months.

Target said it will close the nine Twin Cities Mervyn's stores being sold to May. May spokeswoman Sharon Bateman said those stores would either become Marshall Field's or be redeveloped. She said the company would not bring any of its other stores into the Twin Cities at those locations.